Could the financial troubles of Olympique Lyon spill over to Crystal Palace?
On the 30th (Korean time), Olympique Lyon, a traditional powerhouse in Ligue 1 (Ligue Ang), announced through the club's official channel that "Michelle Kang, chairperson of Eagle Football Group and director of the club, will be appointed as CEO of Lyon." At the same time, she will also take on the presidency of the men's team in Lyon.
As a result, Michelle Kang, a female entrepreneur from Korea, has become the first woman to lead Lyon, one of the most iconic clubs in French football history. And the starting point is a life-or-death struggle for league survival.
Lyon is currently under a demotion from the French Football Federation's Financial Regulatory Authority (DNCG) due to cumulative liabilities amounting to about 500 million euros (800 billion won). The DNCG ordered Lyon to increase its capital by at least 175 million euros (about 280 billion won), and failure to meet this condition will confirm demotion.
The previous owner, American investor John Textor, attempted to secure liquidity through player restructuring and asset sales, but ultimately failed. As a result, he stepped down from the club presidency, and now Lyon's survival rests in the hands of Michelle Kang.
Lyon stated in an official announcement that "Michelle Kang will lead the appeal process against the DNCG, and the club will fully support her," noting that they are placing their hopes on her leadership at this "critical turning point for Lyon."
Born in Korea in 1959, Michelle Kang went to study in the U.S. while attending Sogang University and is a notable figure who became successful as an entrepreneur in the IT and healthcare industries. She later entered the football industry, focusing on women’s football with Washington Spirit (NWSL), London City Lionesses (Women’s Championship), and Olympique Lyon Féminin (women’s team).
According to Forbes in the U.S., her fortune is estimated at about $1.2 billion (approximately 1.6 trillion won), making her one of the world's renowned "female football club owners." Notably, she proved her capabilities by promoting London City Lionesses to the English Super League (first division).
Now her challenge will officially unfold on the men's football stage. She will take the lead in the appeal battle against the DNCG to secure the survival of Lyon, a distinguished club with a 120-year tradition.
Michelle Kang stated through the club announcement, "We are at a very important moment. I will focus on managing the DNCG process in close cooperation with the Lyon board and ensure the club's future."
Meanwhile, due to Lyon's financial issues, there is an unexpected situation where Crystal Palace in the Premier League might face a significant blow. This is because Lyon's owner John Textor is also the owner of Crystal Palace. As Lyon's financial issues escalate, Textor attempted to sell 43% of Crystal Palace's equity to invest that money into Lyon, but has not yet received UEFA's approval.
UEFA has stated that it is waiting for Lyon's appeal. The British publication The Sun explained, "UEFA will finalize the Palace's participation in the Europa League based on the outcome of Lyon's appeal. According to club-related holding regulations, if it is determined that Palace spent the previous season under the same owner, Textor, as Lyon, Palace could also be sanctioned."
The Sun emphasized, "If Palace is also linked to Lyon's issues, participation in European competitions may be prohibited. If Lyon is relegated from Ligue 1 due to its financial difficulties, it will be excluded from all European competitions in the 2025-2026 season. If Palace is also judged to be under the same owner as Textor, it will naturally face similar sanctions."
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